Home buyers in the U.S. are finally getting a break as more listings are coming to the market for the first time in more than a year, according to a report Thursday from Redfin.
The number of new listings ticked up 0.3% in the four weeks to Oct. 22 compared to a year earlier—while diminutive, the increase is the first seen since July 2022, the online property portal said.
That spells good news for would-be buyers, who have been facing an ongoing dearth of inventory—total supply is still 12% below this time last year—which in turn has kept prices aloft.
Buyers are also facing sky-high mortgage rates—currently hovering close to 8%, the highest in more than 20 years—making a home purchase even more costly and out of reach for many. Mortgage-purchase applications are now at their lowest level in nearly 30 years, the report said.
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Those high rates and unfavorable market conditions are causing plenty of sellers to wait on the sidelines, too.
As evidenced by the uptick in new listings though, some are now bringing their homes to the market after accepting that rates are unlikely to decline in a meaningful way anytime soon, Redfin said.
Others “are selling right now because they’re concerned home values will go down, though that’s definitely not a foregone conclusion,” said Ali Mafi, a Redfin Premier agent in San Francisco.
“Others are noticing an uptick in demand and testing the waters,” Mafi said. “My best advice for homeowners who are selling right now is to be realistic: Even though there are a few more buyers out there, this isn’t 2021. Price your home fairly so it will sell as fast as possible.”
This article originally appeared on Mansion Global.
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